Hyperliquid vaults
What Hyperliquid's own docs say about HLP and user-led vaults: deposits, lockups, profit share, withdrawals, and two March 2025 events in which HLP lost money. The largest vaults below are a dated snapshot. Not a rating and not advice.
Hyperliquid's current vaults overview describes a HyperEVM vault that a builder can customize, including spot and HIP-3. The deposit, lockup, and profit-share rules below are the older HyperCore vaults. The overview calls the HyperEVM model a strict improvement over those legacy vaults, which were introduced in 2023 and do not support HIP-3 or spot. HLP and the user vaults on app.hyperliquid.xyz/vaults are that HyperCore system. The depositor and leader pages are labeled legacy in the docs index.
Protocol vaults and user-led vaults
Protocol vaults says the Hyperliquidity Provider (HLP) is a protocol vault. It provides liquidity through multiple market making strategies, performs liquidations, supplies USDC in Earn, and accrues a portion of trading fees. The community can provide liquidity and share its pnl. The page says HLP is fully community-owned.
HyperCore vaults (legacy) says a vault can be managed by an individual trader or automated by a market maker. That is the user-led vault: you deposit into one trader's vault. The same page says all strategies come with their own risk, and that users should assess the risks and performance history before depositing.
Deposits, profit share, and withdrawals
For vault depositors (legacy) says a deposit earns a share of the vault's profits or losses. Its example: you deposit 100 USDC into a vault that already has 900 USDC. The vault is then 1,000 USDC and you are 10% of it. If the vault later stands at 2,000 USDC and nobody else has deposited or withdrawn, your 10% is 200 USDC. The leader's 10% profit share on that profit is 10 USDC, so you withdraw 190 USDC. The page says there may be some slippage as you withdraw and open positions are closed. It also says trading is risky and past performance is not a guarantee of future returns.
The same depositor page says you deposit and withdraw with the buttons on the vault's own page. HLP's lockup is 4 days. User vaults have a lockup of 1 day. The protocol page is more specific for HLP: you can withdraw 4 days after your most recent deposit. Its example is a deposit on Sep 14 at 08:00, which can be withdrawn on Sep 18 at 08:00. The depositor page does not spell out that clock for the 1-day user-vault lockup.
HyperCore vaults (legacy) says vault owners receive 10% of the total profits, and that protocol vaults do not have any fees or profit share. For vault leaders (legacy) says the same 10% profit share for a leader. Creating a vault needs a name and description that cannot be changed later, a minimum deposit of 100 USDC, and a 10k USDC gas fee that is distributed like trading fees. The leader must keep at least 5% of the vault. The leader cannot withdraw if that would drop their share below 5%.
On a withdrawal, the leader docs say open positions stay as they are if enough margin remains for the leverages that are set. If not, open orders that use margin are canceled, in increasing order of margin used. If that is still not enough, 20% of positions are closed, and that step repeats until the withdrawal can be processed. A leader can also set the vault to always close positions in proportion on withdrawals.
What the leader can do
The leader docs say the leader trades the vault from the Trade page: choose the vault in the address dropdown, and the trades apply to the vault. Switch back by selecting Master. Closing the vault is a separate leader action. All positions must be closed first, and the docs say all depositors then receive their share.
The exchange endpoint says vaults do not have private keys. To act for a vault, the master account signs and sets vaultAddress. Depositing or withdrawing is its own request, vaultTransfer, with isDeposit true or false. The docs do not describe a request that lets a leader move another depositor's share to a personal wallet. The limit they do write down is the leader's own 5% floor. Trading losses are separate from that: the leader can lose vault funds in the market, and the depositor docs say you share those losses.
What a HyperCore vault can trade
The leader docs say vaults can trade validator-operated perps. They cannot trade spot or HIP-3 perps. That limit is for these legacy HyperCore vaults. The newer HyperEVM overview says a builder-made vault there can reach spot and HIP-3. This page does not describe those builder vaults, because Hyperliquid says their accounting is up to the builder.
Risks the docs and the March 2025 events record
The loss that the docs already name is ordinary trading loss. Depositors share the vault's pnl, past performance is not a guarantee, and a withdrawal can close positions if margin is short. The lockup means a deposit cannot be withdrawn during that window: 4 days after the latest deposit for HLP, and 1 day for a user vault.
Liquidations says most liquidations go to the order book. If account equity falls below two thirds of the maintenance margin, a backstop liquidation goes through the liquidator vault. The page says that liquidator is a component strategy of HLP, and that the pnl from those liquidations goes to the community through HLP. It also says backstop liquidations are profitable on average. The events below are cases where HLP lost money.
On March 12, 2025, TechFlow reported a statement from Hyperliquid about user 0xf3f4's long ETH position. The statement, as TechFlow quotes it, says there was no protocol vulnerability or hack. The user had unrealized pnl, withdrew funds, which reduced margin, and was then liquidated. TechFlow quotes the user's final pnl as about $1.8 million, HLP's loss over that 24 hours as about $4 million, and HLP's historical pnl as about $60 million. The quoted statement says HLP is not a risk-free strategy, and that maximum leverage would be updated to 40x for BTC and 25x for ETH. Decrypt, writing on March 26 about a later event, also describes that earlier HLP loss as $4 million and the user's profit as $1.8 million.
On March 26, 2025, Hyperliquid posted on X. CoinDesk and Decrypt both quote the post: after evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps. All users apart from flagged addresses would be made whole from the Hyper Foundation, automatically, in the coming days, based on onchain data. CoinDesk reported that HLP's unrealized pnl was temporarily negative $13.5 million, and that the market was settled at $0.0095. Decrypt reported that HLP's all-time profits fell by $11 million on Hyperliquid's website and that the fall was later reversed, and that $3.7 million of JELLY positions were settled at $0.0095. Those two reports do not use the same loss figure. This page does not pick one.
Hyperliquid's interface terms, section 1.6, say the interface is not available to Restricted Persons. That includes persons or entities who reside in, are located in, are incorporated in, or have a registered office in the United States of America or Ontario, Canada, plus sanctioned jurisdictions and citizens of those territories. The Hyperliquid listing on this site records the same restriction.
Checklist before depositing
These are checks that follow from the sources above. They are not a recommendation to deposit.
- Open the vault on app.hyperliquid.xyz/vaults. The depositor docs say the page shows pnl, max drawdown, volume, open positions, and trade history, and how long depositors have been in the vault.
- Read the lockup. HLP: 4 days after the most recent deposit. A user vault: 1 day, which the depositor docs do not define further.
- Read the profit share. Protocol vaults: none. User-led vaults: 10% of profits, in the docs' example as well as the rule.
- For a user-led vault, the leader docs require the leader to keep at least 5% of the vault. The leader fraction on each fact page is the snapshot's leaderFraction.
- Confirm it is a HyperCore vault if you are relying on the rules on this page. Those vaults trade validator-operated perps only.
- A withdrawal can cancel orders and close part of the positions when margin is short. Check alwaysCloseOnWithdraw on the fact page.
- HLP has lost money. The March 12, 2025 statement quoted above says it is not a risk-free strategy. The March 26, 2025 JELLY delisting is the other event.
- Check section 1.6 of the interface terms if you are in the United States or Ontario.
Largest vaults on 2026-10-28
The figures below are a snapshot, not a live feed. The build does not call Hyperliquid. The info endpoint docs describe a vaultDetails request. They do not describe a vaultSummaries request. The list is the public JSON at stats-data.hyperliquid.xyz/Mainnet/vaults, which is the same URL this site's other vault snapshot job reads. Details are from POST api.hyperliquid.xyz/info with type vaultDetails. Snapshot time 2026-10-28T04:45:02Z.
Included: HLP, plus the five open vaults whose relationship type is normal and whose tvl is highest. HLP's child strategy vaults are listed on the HLP page only. TVL is the list field tvl, rounded to the cent for this table. Unrounded strings are in the JSON. Lockup and the words for profit share come from the docs. leaderCommission on this snapshot is 0 for HLP and 0.1 for each of the five user vaults, which matches those docs. This table is not a ranking and it has no safety score. Performance ratings, where we compute them, stay on Hyperliquid vault ratings.
| Vault | TVL | Age | Lockup | Profit share | Deposits open |
|---|---|---|---|---|---|
| Hyperliquidity Provider (HLP) | $174,284,880 | 1273 days | 4 days after the most recent deposit | None | Yes |
| Growi HF | $13,376,268 | 842 days | 1 day | 10% of profits | Yes |
| [ Systemic Strategies ] L/S Grids | $10,501,808 | 643 days | 1 day | 10% of profits | Yes |
| drkmttr | $7,936,101 | 323 days | 1 day | 10% of profits | Yes |
| DOUBLETOP Vault | $6,757,107 | 133 days | 1 day | 10% of profits | Yes |
| [ Systemic Strategies ] HyperGrowth | $5,973,172 | 425 days | 1 day | 10% of profits | Yes |
Sources
- Vaults (Hyperliquid docs)
- Protocol vaults
- HyperCore vaults (legacy)
- For vault depositors (legacy)
- For vault leaders (legacy)
- Liquidations
- Info endpoint and Exchange endpoint
- Interface terms
- TechFlow, March 12, 2025, quoting Hyperliquid on the ETH liquidation
- CoinDesk, March 26, 2025 and Decrypt, March 26, 2025, quoting Hyperliquid on the JELLY delisting
- Vault snapshot JSON, 2026-10-28T04:45:02Z
Related on this site: Hyperliquid, API wallet permissions, vault ratings, exchanges for bots.
Questions
What is a Hyperliquid vault?
On the legacy HyperCore system, a vault pools deposits and shares the vault's profits or losses. HLP is the protocol vault. A user-led vault is run by a leader who trades validator-operated perps. Hyperliquid's newer vaults overview also describes HyperEVM vaults whose accounting the builder sets. This page is about the HyperCore rules.
How is HLP different from a user-led vault?
HLP is the community-owned protocol vault: market making, liquidations, USDC in Earn, and a portion of trading fees. Its lockup is 4 days after the most recent deposit, and protocol vaults have no profit share. A user-led vault has a 1-day lockup, a 10% profit share for the leader, and a rule that the leader keep at least 5% of the vault.
Can a vault leader withdraw a depositor's funds?
The leader docs say the leader trades the vault, and that the leader cannot withdraw their own share if that would drop them below 5%. Depositors withdraw with the Withdraw button. The exchange docs say a vault has no private key, and that a deposit or withdrawal is a vaultTransfer signed by the master account. The docs do not describe a transfer that sends another depositor's share to the leader's wallet. They do say depositors share trading losses, and that closing the vault pays each depositor their share after positions are closed.
How long is the lockup?
HLP: 4 days after your most recent deposit. Hyperliquid's example is Sep 14 at 08:00 to Sep 18 at 08:00. User vaults: 1 day. The depositor docs do not define when that 1-day clock starts.
What did HLP lose in March 2025?
TechFlow quotes Hyperliquid on March 12, 2025: no hack, about $4 million lost by HLP over 24 hours after user 0xf3f4's ETH liquidation, and a note that HLP is not a risk-free strategy. On March 26, 2025, Hyperliquid said validators voted to delist JELLY perps. CoinDesk reported a temporary $13.5 million unrealized loss for HLP. Decrypt reported an $11 million dip in all-time profits that was later reversed. The reports do not match on that figure.